Copper Chief Of Glencore Set To Step Down

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Telis Mistakidis, the billionaire copper chief of global trader and miner Glencore, is set to step down at the end of the year. The announcement comes amid a wider management reshuffle at the mining firm.

Mistakidis is 56 years old and is a Greek billionaire. He started working at Glencore in the early 1990s. He also owns a 3.2 percent stake in the company, Nico Paraskevas is set to take his place.

The management shakeup comes as the mining company faces an investigation by the Department of Justice (DOJ) of the United States of America over its activities in the Democratic Republic of Congo (DRC).

In the summer, the DOJ demanded documents regarding the activities of Glencore in Venezuela, Nigeria, and the DRC as part of a corruption probe. The DOJ wanted to see the documents and records relating to compliance with the foreign corrupt practices act in the United States and money laundering.

Ivan Glasenberg, the long-time chief executive of the firm, has said that he wishes to retire by the time he turns 65. He is currently 61 years old.

In a phone call with some analysts, he stated: “The management has been here a long time since the IPO… there comes a time where the younger generation needs to take over.”

He noted that there could be more changes in the company’s management in the next few years. He added that every department was training successors.

Peter Freyberg, who currently head of global coal assets, will switch to the newly created role as the head of industrial mining assets amidst the management shakeup.

Gary Nagle will be taking up the old position of Freyberg, while Japie Fullard has been designated as the head of ferroalloys assets. He will replace Stuart Cutler who is set to retire at the end of the year.

Both Ruan Van Schalkwyk and Jason Kluk have been appointed as the joint heads of ferroalloys marketing.

The shares of the company were up by almost six percent after the news.